Qatar Investment Authority (QIA) and One Foods Holdings Ltd. agreed to acquire 79.48% stake in Banvit Bandirma Vitaminli Yem Sanayii Anonim Sirketi (IBSE:BANVT) from Görenerand Koçman families and Aabar Investments PJS for approximately TRY 920 million on December 21, 2016. QIA and BRF S.A. entered into a share purchase agreement to acquire 79.48% stake in Banvit from Görenerand Koçman families and Aabar Investments PJS on January 9, 2017. The purchase price per share is determined as TRY 11.51. The price is subject to adjustments. QIA will acquire 31.8% and BRF S.A. will acquire 47.7% stake in Banvit in the deal. The transaction value results in EV/EBITDA multiple of 6.4x. Following the consummation of the transaction, the buyers will launch a mandatory tender offer to acquire the remaining 20.5% of the shares from the minority shareholders, on the same terms and conditions offered to the shareholders. The transaction does not trigger withdrawal rights to its shareholders. The consummation of the transaction, which in its first phase involves the acquisition of a 79.5% interest in Banvit, followed later by a tender offer for the remaining minority interest of 20.5%, is subject to fulfillment of the conditions precedent in the final documents, including subject to the anti-trust regulatory approvals in Turkey, UAE, and Saudi Arabia. The transaction is not subject to shareholders’ approval. As of April 12, 2017, United Arab Emirates Ministry of Economy approved the transaction. As on April 13, 2017, it was reported that the deal is postponed. Documents and some preconditions for the deal will not be ready in time for Banvit’s annual general meeting on April 13, 2017. The deal is expected to close until May 25, 2017. Eren Kursun, Caner Elmas, Serenay Cinki, Asli Caglar, Selma Yilmaz, Aybuke Gundel, Yasemin Guckan, Baha Erol, Zeynep Pinar Erdem, and Sinan Diniz of Esin Attorney Partnership and Kirsty Wilson, Will Seivewright, Pietro de Libero, Borys Dackiw, Wendelin Ettmayer, Trevor McFadden, David Monnier, Derk Christiaans, Christiaan Van der Meer and Kuif Klein Wassink of Baker McKenzie acted as legal advisors to BRF S.A. Gamze Cigdemtekin, Tuna Cakirca, Tugce Korkmaz, Firat Altas, and Ertugrul Akinci of Cigdemtekin Dora Cakirca Aranci firm acted as legal advisors to controlling shareholders of Banvit. Michiel Visser, Guy Potel, Emre Ozsar,James Killick, David Crook, Derin Altan, Hakan Erslan, Katarzyna Czapracka, Steven Hannah, Will Summers, Marie Georgy, Greg Baker, Tom Wilkinson and Tolga Tezel of White & Case LLP and Niklas Schmidt, Michael Lind, Eva Stadler and Markus Reinfeld of WOLF THEISS Rechtsanwalte GmbH acted as legal advisors to Qatar Investment Authority. Morgan Stanley acted as financial advisor to BRF SA.